New production in the home-equity securitization market surged to a record $139.11 billion in the third quarter of 2004, extending a remarkable growth spurt that began early last year. According to a new market analysis and ranking by Inside MBS & ABS, year-to-date issuance of HEL securities hit $331.96 billion through the first nine months of 2004, trampling all over the previous annual issuance record of $267.00 billion set in 2003. The HEL securities market